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Commodities Precious Metals

Gold and silver daily review (December 30, 2013)

December 30, 2013, Monday, 04:44 GMT | 23:44 EST | 09:14 IST | 11:44 SGT
Contributed by Angel Broking


Gold

Spot gold prices gained around 0.8 percent in the last week on the back of upbeat market sentiments coupled with weakness in the DX.

However, sharp gains in the prices were capped due to slump in SPDR holdings by 1.6 percent during the week. The yellow metal touched a weekly high of $1218.65/oz and closed at $1212.81/oz in last trading session of the week.

In the Indian markets, prices traded on a flat note due to Rupee appreciation and closed at Rs.28564/10 gms on Friday after touching a low of Rs.28250/10 gms in the last week.


Silver

Taking cues from rise in gold prices coupled with upside in the base metal prices, Spot silver prices jumped by around 3.4 percent in the prior week. Also, weakness in the DX coupled with upbeat global market sentiments acted as positive factor.

Further, declining trend in silver ETF holdings, which slumped by 1.3 percent to 10009.54 tonnes could not restrict gains. The white metal touched a weekly high of $20.1/oz and closed at $20.03/oz in the last trade of the previous week.

On the domestic front, prices jumped around 2.6 percent despite Rupee appreciation and closed at Rs.44154/kg on Friday after touching a high of Rs.45226/kg in the prior week.


Outlook

In today's session, we expect precious metals to trade on a mixed note on the back of declining trend in gold and silver ETF's holdings will add downside pressure on the prices. While on the other hand, upbeat market sentiments coupled with weaker DX will act as a positive factor. In the Indian markets, Rupee appreciation will add downside pressure in the prices.